US dollar suffers on poor employment data

By Ricky BeanFebruary 10th, 2014

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The US dollar ended last week on a low note, thanks to labour data from the country. Although the overall unemployment rate improved to 6.6% from 6.7%, this was superseded by the non-farm employment change figure, which came in worse than estimated. As such, the US dollar lost ground, particularly against sterling.

This week’s main events start tomorrow, with the first testimony from the new Federal Chairwoman Janet Yellen. Given her new position of influence, investors will be keen to hear her thoughts from the outset. Major physical data doesn’t come until Thursday, with the simultaneous releases of the retail sales and unemployment claims numbers. This is followed by the second testimony from Ms Yellen, and preliminary consumer sentiment figures from the University of Michigan on Friday.

Wondering how these events may influence currency markets and – more importantly – when to buy or sell US dollars? Get in touch with your trader now, as investors look to the start of a new era for the Federal Reserve.